JINZAI FOOD GROUP CO.(SZ:003000) Soochow Securities·2024-07-11 23:00Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is expected to achieve a net profit of 133-150 million yuan in H1 2024, representing a year-on-year increase of 60%-80% [1] - The new production capacity for quail eggs is anticipated to drive revenue growth of over 20% in Q2 2024 [1] - The company aims for a three-year doubling target, leveraging the health trend associated with quail eggs [2][3] Financial Performance Summary - For 2024, the company forecasts revenues of 25.84 billion yuan, 32.27 billion yuan, and 40.28 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 25.1%, 24.9%, and 24.8% [3][4] - The expected net profits for the same years are 293 million yuan, 377 million yuan, and 481 million yuan, with growth rates of 39.7%, 28.6%, and 27.8% respectively [3][4] - The earnings per share (EPS) are projected to be 0.65 yuan, 0.84 yuan, and 1.07 yuan for 2024, 2025, and 2026 respectively [3][4] Product and Market Strategy - The company is focusing on enhancing its online sales team and diversifying its product offerings to improve performance in e-commerce channels [1][2] - The introduction of new flavors for quail eggs and the launch of soft-boiled eggs in the second half of the year are expected to maintain strong sales momentum [1][2] - The company is also expanding its product line with new items like deep-sea anchovies and trial sales of short-shelf-life tofu [1]